Small Business Health Insurance Plans
If you are self-employed, don't have any employees and are interested in protecting yourself with health insurance, you will need to obtain an individual health insurance policy for yourself. However, if you run a small business and have between two and fifty employees, you can take advantage of a group health insurance plan. Keep in mind that you will most likely be counted as an employee, so even if you only employ one other person, you will probably be eligible for group small business health insurance. With an individual health insurance plan, the rate you pay is based on the risk that your detailed medical history presents. However, with group health insurance coverage for a small business, the risk and subsequent rate will be determined by averaging together the entire group. Another big advantage of group small business health insurance is that while insurance companies don't have to offer coverage to individuals, they are required by law to offer small group coverage.
When it comes to small businesses and health insurance, there are a lot of rules that you must follow if you decide that you want to offer health insurance. To begin with, if you offer health insurance to at least one full-time employee of your small business, you are required by law to offer it to all of your full-time employees. However, you can offer different forms of health insurance based on the class of your employees. For example, you can offer a different health insurance plan to your management employees than you do to your clerical employees. Additionally, offering health insurance to your full-time employees does not obligate you to offer it to your part-time employees. But, as with the rules for full-time employees, if you offer coverage to at least one part-time employee, you need to do the same for the rest of your part-time employees.
As the owner of your business, if you decide to take advantage of small business health insurance, you will be responsible for paying at least half of the cost of your employees' premiums. While this may seem unfair to you, the purpose of this requirement is to encourage more employees to sign up for a plan. Additionally, while you can choose to pay part of the premium for your employees' dependents, this is not something you are required to do.
If the idea of small business health insurance is starting to sound appealing to you, it's because there are several benefits that this form of insurance has to offer. The first significant benefit is that taking advantage of small business health insurance means that you employees will have access to better healthcare. This will improve their overall health and reduce the amount of time that they miss as a result of illness. Another benefit is that more than likely all of your small business healthcare related costs will be completely tax deductible. Additionally, by providing the employees of your small business with a good healthcare plan, you can increase your employee retention and cut down on your hiring costs.
To obtain small business health insurance to protect yourself and your employees, it's a good idea to work with an insurance broker. While you can obtain small business health insurance on your own by using the Internet, there are several reasons to work with a broker. First, a broker can ensure that you get the right type of insurance for your small business. Second, they can help you find the most affordable option. Finally, they can significantly cut down on the amount of paperwork that you have to do as a result of your small business health insurance policy.